If a Company Is Using the Cash- Basis Method of Accounting

question 72

Multiple Choice

If a company is using the cash- basis method of accounting, when is revenue recorded?

• A)When cash is received, at a time after the services were rendered
• B)When services are rendered, even though cash may be received at a later date
• C)When cash is received, prior to the services being rendered
• D)When cash is received, either prior to the services being rendered or at a time after the services were rendered

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Definitions:

Quantity Supplied

The amount of a product that producers are willing and able to sell at a given price over a specified period.

Product Price

The amount of money required to purchase a good or service, often determined by factors such as cost of production, market demand, and competition.

Quantity Supplied

The total amount of a product that producers are willing and able to sell at a given price in a certain time period.

Price Rises

An increase in the cost of goods or services in the market, often due to factors like inflation, increased demand, or higher production costs.